SAFFRON BUILDING SOCIETY COMPLETES ITS RETURNS TO MARKET WITH PRODUCT RELAUNCH
Sunday 29 January 2023 19:11 Press release
Today we have announced our complete return to market with a pivotal product relaunch and a raft of updated products to kick off the new year.
The Limited Company Buy-To-Let 5-year fixed rate mortgage is back on the market following its hiatus since last summer. Its return means that we are now offering a full complement of products across all our categories, further bolstering our specialist lender credentials.
Following the recent period of market uncertainty, we are also delighted to announce rate reductions across a number of our fixed-rate mortgage products. These new lower rates come with the following criteria and policy benefits to help brokers secure the right mortgage for their hard-pressed clients.
BUY-TO-LET: In addition to our existing on-sale BTL products, the new Limited Company BTL is a five-year fixed rate of 5.47% for purchases and remortgages up to 75%. Like all our BTL products, first-time buyers and first-time landlords are accepted and there is no higher rental calculation for high-rate taxpayers.
FIRST TIME BUYERS: We are launching two lower-rate FTB products. The five-year fixed-rate products are available with 90% and 95% LTV, and offer a 5.47% and 5.77% rate, respectively. In addition, we have removed the arrangement fee and we are offering a free valuation to support those struggling with upfront costs. The FTB products also benefit from the acceptance of gifted deposits from a close family member. The 95% LTV product is even available on new build houses and we accept new build incentives up to 5% (provided the borrower puts down a 5% deposit).
JOINT BORROWER SOLE PROPRIETOR: This product allows close family members to help a borrower buy their own home. Now boasting a 95% LTV, five-year fixed-rate at 5.77%. The maximum term is calculated based on the borrower’s age, not the supporter’s, so there is a potential 40-year term available.
OWNER OCCUPIER: Today we launch four lower-rate owner occupier products. Two are five-year fixed-rate products with an LTV of 80% or 90% and rates of 5.07% and 5.77% respectively, alongside two two-year fixed-rate products with an LTV of 80% or 90% and rates of 5.37% and 5.77% respectively.
GREEN RESIDENTIAL: This product rewards homeowners with a rate reduction if they undertake works that improve the energy efficiency of their home. The two-year fixed-rate mortgage is available today with an LTV of 80% and 5.37% rate.
Tony Hall, Head of Business Development comments: “It’s a pleasure to kick off the new year with such a positive announcement to our intermediaries. Relaunching our Limited Company BTL product has been in the pipeline for some time and we are delighted to be returning to the market with a complete range of products across all of our categories. Our product portfolio has been created in light of the economic shift the country is witnessing and to be able to offer products that help people onto the property ladder is what continues to drive us with our FTB products.
“I would like to personally thank brokers for their support over the last 12 months and we are entering 2023 with lots of exciting plans to help the industry during what will be another challenging year.”
Full details are available here. The Saffron team is also on hand to answer any specific product and criteria questions - brokers are advised to contact the Intermediary Support Team who will be happy to help.
